The story revolves around a group of friends, Ritesh (Jackky), Nanj (Angad) and Puja (Puja), who all received extremely bad marks in their exams. One of their close friends, Vishnu (Chandan) has passed with top marks in pressure of his father, and has enrolled into the top high school of India. In order to make their parents happy and proud, the four friends create a fake university titled "Fakirchand and Lakirchand Trust University (short for F.A.L.T.U !)" with the help of Ritesh's childhood friend Google (Arshad Warsi). Things take a turn for the worse when the parents would like to see the university F.A.L.T.U. To make things go right, Ritesh and Google hire a fake principal, Bajirao (Riteish) to act as the principal for one day. However, after the parents' visit, a bunch of foolish kids apply for F.A.L.T.U thinking its a real university. Unable to send them back, the trio, along with Vishnu, Google and Bajirao, turn F.A.L.T.U into an official trust university. Soon enough, the government files a case against every student/member of F.A.L.T.U for creating a fake college. Now the group of friends must fight for their rights, and keep F.A.L.T.U as a university in order to give the kids education.